A high level of competition is keeping down rents from desperate amateur landlords. By-the-room lets are one way of avoiding this and there are several reasons why you should consider renting by the room.
For a start you can get more rent for you property let by the room compared with as a whole, up to twice as much. Also, you’ll have less chance of having your whole property empty at any one time. When one-tenant leaves you’ll still have rent coming in from the others while you find a replacement for your rented room.
At the moment the average sharer is more likely to be a young professional who’s looking for a high standard of accommodation until the point they are able to afford to buy. Check out various apartments available for rent in Jeddah through online sources.
With mortgages as they are currently and no one buying, there’s a strong market in many areas for good quality accommodation to let by the room. Or indeed letting out a room in your residential property.
Aren’t HMO’s a high risk?
HMO (House in Multiple Occupation) usually refers to a house that is split into separate bed-sits, that is, a flat share where each tenant has their own tenancy agreement or students living in shared accommodation.
An HMO must be registered with the local council it is in. If your property has 3 or more storeys AND is occupied by 5 or more people in 2 or more households. It is a good idea to check with your local council if you have any doubts and if you can answer ‘yes’ to the following three questions you will probably need a license.
- Does the house have 3 or more storeys?
2. Does the house have 5 or more tenants?
3. Do your tenants share their facilities?
What are the new laws to deal with tenant deposits?
A Tenancy Deposit Scheme is designed to protect all the deposits taken by landlords. A lot of landlords think this is an unnecessary extra burden and cost, and some even take a few months rent …Continue Reading